Week Five Acc/280 Final Exam

1687 WordsNov 13, 20107 Pages

1) Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process? A.
Analysis
B.
Identification
C.
Communication
D.
Recording
2) Which list below best describes the major services performed by public accountants? A.
Cost accounting, production scheduling, recruiting B.
Bookkeeping, mergers, budgets C.
Employee training, auditing, bookkeeping D.
Auditing, taxation, management consulting
3) Which of the following is an external user of accounting information? A.
Managers
B.
Labor unions C.
Finance directors D.
Company officers
4) The SEC and FASB are two organizations that are primarily responsible for establishing…show more content…

Which of the following journal entries is recorded correctly and in the standard format?
A) Office Equipment 1,000 Account Payable 1,200 Office Supplies 200
B) Office Equipment 1,000 Office Supplies 200 Account Payable 1,200
C) Accounts Payable 1,200 Office Equipment 1,000 Office Supplies 200
D) Office Equipment 1,000 Office Supplies 200 Accounts Payable 1,200
A.
D
B.
C
C.
B
D.
A
16) An adjusting entry A. is always a compound entry. B. affects a balance sheet account and an income statement account. C. affects two income statement accounts. D. affects two balance sheet accounts.
17) Adjusting entries are required A. when revenues are recorded in the period in which they are earned. B. when expenses are recorded in the period in which they are incurred. C. when the company 's profits are below the budget. D. because some costs expire with the passage of time and have not yet been journalized.
18) Adjusting entries are required A. every time financial statements are prepared. B. monthly. C. quarterly. D. yearly. 19) An adjusted trial balance A. cannot be used to

﻿ACC 460 Final Exam
Copy this link to your browser and download
http://www.finalexamguide.com/ACC-460-Final-Exam-198.htm
1) Determining whether amounts are in conformity with generally accepted accounting principles addresses the proper measurement of assets, liabilities, revenues, and expenses, which includes all of the following EXCEPT the
A. consistency in applying accounting principles.
B. reasonableness of management’s accounting estimates.
C. proper application of valuation principles

﻿ACC 561 Final Exam
Copy this link to your browser and download
http://www.finalexamguide.com/ACC-561-Final-Exam-2-73.htm
1) According to the Financial Executives Institute, one function of controllership is _____.
2) Performance reports _____.
3) Budgets _____.
4) Ethical accountants are important to society because _____.
5) According to the Institute of Management Accountants’ Statement of Ethical Professional
Practice, the standard of competence includes:
6) According

﻿ACC 300 Final Exam
Copy this link to your browser to download:
http://www.finalexamguide.com/ACC-291-Final-Exam-3-154.htm
1) Which of the following financial statements is divided into major categories of operation, investing, and financial activities?
2) If services are rendered on account, then
3) Using accrual accounting, expenses are recorded and reported only:
4) Stockholders’ equity can be described as claims of
5) The Vintage Laundry Company purchases $6,500 worth of

ACC 434 final exams
http://www.finalexamguideline.com/main.sc
1. (TCO 1) A significant limitation of activity-based costing is the (Points: 5)
A). attention given to indirect cost allocation.
B). many necessary calculations.
C). operations staff 's attitude toward the accounting staff.
D). use it makes of technology.
2. (TCO 1) Ireland Company produces a special spray nozzle. The budgeted indirect total cost of inserting the spray nozzle is $180,000. The budgeted number of nozzles

﻿ACC 561 Final Exam
Copy this link to your browser and download
http://www.finalexamguide.com/ACC-561-Final-Exam-5-90.htm
1). _____ refers to accounting information developed for managers within an organization.
A. Internal auditing
B. Managerial accounting
C. Financial accounting
D. Tax accounting
2). Ethical accountants are important to society because _____.
A. they pay their taxes
B. the information produced is reliable
C. they will not

﻿ACC 300 Final Exam
Copy this link to your browser to download:
http://www.finalexamguide.com/ACC-300-Final-Exam-2-151.htm
The response to each question or statement is either True or False.
1. A business organized as a separate legal entity owned by stockholders is a partnership.
2. External users of accounting information are managers who plan, organize, and run a business.
3. Two primary external users of accounting information are investors and creditors.
4. Financing activities

﻿ACC 291 Final Exam
Copy this link to your browser to download:
http://www.finalexamguide.com/ACC-291-Final-Exam-1-3.htm
1. On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation?
2. As a recent graduate of State University you 're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly

ACC/422 final exams
http://www.finalexamguideline.com/main.sc
1) Which of the following is NOT considered cash for financial reporting purposes?
2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
3) Which of the following is considered cash?
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported